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Rare Chance for Transformation Calls for Developed Nations to Double Climate Funding, ‘Walk the Talk’, Deputy Secretary-General Tells European Leaders

Following is the text of UN Deputy Secretary-General Amina Mohammed’s video message to the European Development Days session on “Transforming Climate Finance to Tackle the Climate Emergency and Drive Development”, in Brussels today:

I am delighted to join you for a timely and, quite frankly, urgent discussion at the European Development Days.  “Shifting the trillions”, so that financial flows align with the goals of the Paris Agreement [on climate change], is going to be crucial for addressing the twin crises of COVID-19 and climate change.

This requires ambitious commitments from Governments in their Nationally Determined Contributions and 2030 targets, to keep the 1.5 degrees goal of the Paris Agreement within reach.  And it calls for financial actors, as well as real economy companies, to set credible and verifiable short-term targets and timelines for their portfolios and operations that back their pledges to achieve net-zero emissions.

We have seen many net-zero pledges in 2021.  Now we need to make sure these actors “walk the talk” and cut actual emissions without leaving any room for doubt.  I know that you, like the United Nations, will be watching for the plans that will effect the change.

None of this can make up for urgently needed, scaled-up public finance for developing countries to invest in mitigation and adaptation.  Meeting the $100 billion pledge remains crucial.  This is a collective promise made by developed countries in Paris six years ago.  Yet, to date, they have not delivered on that promise.

The European Union and its member States have been credible partners on climate finance, contributing more than €20 billion annually in recent years.  The United Nations continues to call for at least a doubling of public climate finance for all G7 [Group of Seven] members.

We have also called for a breakthrough on adaptation, as current levels of support do not even begin to cover the needs — and those costs will only grow.  The world needs to see a doubling of climate finance contributions and dedication of 50 per cent of it to adaptation from developed countries.

Predictability of finance is essential for developing countries struggling with multiple crises at the same time.  We look forward to having what the European Commission and Member States are planning to contribute in the 2021-2025 period.

These investments in climate action will yield the dividends in robust and just transitions to green economies.  This will support energy transitions, creating jobs for the teeming youth, providing opportunities for digitization and closing the gap, and transforming food systems — ensuring the end of hunger, addressing the lack of jobs and tackling sustainable consumption and production.

At this pivotal moment for humankind, when pandemic recovery offers an opportunity for transformation, the United Nations looks forward to working with partners across the world to achieve the Sustainable Development Goals and chart a healthier future for people and planet alike.

For information media. Not an official record.